Bill > S1828

This bill provides a one-time opportunity for veterans who previously missed the deadline to purchase retirement service credit (also known as a "buyback") to now do so. Specifically, the bill allows veterans who failed to make the required purchase within the original 180-day window to apply to their retirement system to make the purchase within one year of the act's effective date. The bill amends existing law to require retirement boards to provide written notice to members in service about their potential eligibility for this purchase, and mandates that the retirement systems notify all eligible members within 90 days of the act's implementation. The legislation aims to give veterans who may have missed the initial opportunity due to various circumstances a second chance to purchase additional retirement service credit, which can help increase their future retirement benefits by counting previous military or other qualifying service time toward their total years of service.

Budget and Finance, Labor and Employment

https://malegislature.gov/Bills/194/S1828